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PVM Midday Report 31 July 2015

Published Friday, July 31st, 2015

Headlines

  1. Chinese May crude oil imports slip to 23.2 million tonnes; down 23.3% m/m & 10.9% y/y
  2. Iranian June crude oil exports to Asia rise 13% from a year ago to 1.17 mbpd
  3. Eurozone inflation stable in July at +0.2%; jobless rate unchanged in June at 11.1%
  4. German June retail sales in surprise 2.3% m/m fall although Jan-June period up 2.5%

Economy

European stock markets are ending a choppy month on a sour note following another downbeat performance on Chinese equities and the release of subdued macro data from the currency-bloc – the Eurofirst 300 is easing 0.2%. A preliminary estimate of eurozone inflation in July has held steady from June’s reading of +0.2% while the number of those out of work in the euro-area ticked marginally higher last month in what was the first monthly increase of the year. The unexpected 31,000 rise in jobless kept the zone’s unemployment unchanged at 11.1%, missing forecasts of a small dip to 11%, while there was a worrying uptick in Italy’s youth unemployment which reached a record peak of 44.2%.

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Posted by Stephen Brennock

Stephen Brennock joined PVM in 2013 after having worked as a project manager for a business development firm. He graduated with a degree in Business Management in 2007.